2009 (8) TMI 709

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..... al filed under section 483 of the Companies Act, 1956, is directed against the order dated 21-11-2008, passed by the learned company judge dismissing the application of the appellant for confirmation of sale in favour of its sister concern namely IIDL Infrastructure Development Ltd. (IIDL). The order of the learned company judge reads as under : "The applicant has made a prayer that sale in favo .....

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..... 2, Sector 21, HUDA, Industrial Area, Bhiwani was put to auction by the Official Liquidator in the presence of the secured creditors. The appellant was the highest bidder to the tune of Rs. 15.76 crores which was accepted by the Official Liquidator on the recommendation of the secured creditors. The appellant has claimed that the IIDL is claiming to be its sister concern. On that basis the appellan .....

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..... el of bidder would commence their activities which are likely to flourish to the detriment of the secured creditors, workers' due and even unsecured creditors. Therefore it is neither conceivable in law nor in tune with the policy of the law to confirm a sale in favour of a company other than the one which participated in auction. Accordingly, we find no legal infirmity in the order of the learned .....

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